Transformation of Finland's Economy: Service Sector Growth and Sectoral Shifts (2013-2022)
Keywords:
Finland Economy, GDP Growth, Economic Transformation, Service Sector, Agriculture Contribution, Industrial Sector, COVID-19 Impact, Digitalization, Economic ResilienceAbstract
The investigation of Finland’s macroeconomic progress from 2013 to 2022 includes analyses of GDP alterations along with sectoral share variations and evaluations of worldwide economic events including COVID-19. The Finnish economy entered a state of stagnation from the European sovereign debt crisis until it started recovering after 2015 through industrial progression and technological advancements followed by service sector expansion. Services became the leading sector of the economy by accounting for 73.5% of GDP in 2022 while both agriculture and industry experienced declining influence over the economy. The researchers used Pearson correlation and regression analysis as their method to investigate how GDP related to sectoral contributions. Statistical analysis demonstrates that agricultural sector has a moderate negative impact on GDP while industry maintains positive correlations with GDP but the services sector generates the strongest positive connections with economic expansion. Future economic growth depends heavily on digital service development and high-tech industries including information and communications technology together with clean energy technologies. This economic transformation leaves several unknown aspects regarding its social effects together with its combination of digital adoption and population changes. Additional research must analyze those dimensions to develop policies which match present economic conditions. New findings indicate that Finland’s economy performs well but additional adjustments are necessary for maintaining sustainable development in combination with demographic transformations and external disturbances.
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